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eToro has 35 million+ registered users, which makes it one of the most popular trading and investment platforms in the UK and the world at large. Hundreds of thousands of Britons use this broker, and you should do the same. But we don’t recommend eToro simply because it has a massive following- far from it. We urge you to try this platform since we tested it and had an unparalleled experience.
Our team tested and assessed eToro for countless hours. We evaluated every indispensable aspect, from eToro’s product offerings to its fees and commissions. We’ve compiled our findings and opinions in this eToro review UK edition.
In This Guide
Our Opinion about eToro
After thorough research and extensive tests, we vouch for eToro. Our opinion of this trading platform is unblemished because it’s regulated by respected authorities like the FCA and supports a rich selection of top-class assets. And that’s just the tip of the iceberg.
Here is an overview of the pros and cons our team unearthed while vetting and using eToro.
eToro
✔5000+ financial instruments
✔Cost-free deposits
Pros & Cons
Pros
- Offers 5000+ financial instruments, including cryptos, real stocks, and ETFs
- Covers UK traders with premium insurance
- User-friendly and innovative interface
- Uses top-range protocols to optimise security, including SSL encryption and 2FA
- Supports instant, cost-free deposits
- Offers feature-rich, easy-to-use mobile apps
Cons
- Penalises dormant accounts with a £10 monthly fee
- Levies £5 on every withdrawal request
Note: {etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Copy Trading does not amount to investment advice. Your investments value may go up or down. Your capital is at risk. Other fees apply.
Security & Regulations
Let’s start with this crucial question: Is eToro regulated in UK? Yes, eToro is licensed and authorised by the FCA in the UK, reference number 583263.
This broker is also regulated by numerous other international authorities, including CySEC (Licence number 109/10), the MFSA (Company No. C97952), and ASIC (Licence number 491139). The MFSA, the FSAS, and the ADGM have also authorised it to operate in Malta, Seychelles, and the Middle East, respectively. In the US, eToro is registered as MSB with FinCEN.
Since eToro is a multi-regulated trading platform, it’s expected to obey many stringent standards and rules. They range from keeping client money in segregated accounts to requiring new sign-ups to meet comprehensive KYC stipulations. That makes this broker one of the most secure today.
eToro also uses world-class SSL technologies to safeguard personal information, which is indispensable in an era where over 2000 cyberattacks are reported daily. Additionally, the trading platform allows users to enhance their security with extra measures like two-factor authentication (2FA) and biometric verification.
Not to forget, eToro is committed to ensuring its customer don’t lose their assets. This broker allows investors to seek insurance coverage via the Investor Compensation Schemes available in different jurisdictions, including the UK and Australia. Eligible people can get compensated up to £1 million if eToro becomes insolvent or bankrupt.
Platforms
Our exploration of eToro was quite educational. We discovered that this broker offers a sweet online trading and investment platform. It’s well laid out and easy on the eye. Most importantly, it’s designed to make navigation, especially for beginners.
The eToro platform allows newbies to open an account and get free access to a demo account. After registering with this broker, you shouldn’t ignore this free feature. It comes with virtual funds worth £100,000, which you can use to vet the trading platform and assess your strategies without fretting over losing your hard-earned cash.
eToro also supports social trading. You can use this feature to tap into the wisdom of the crowd and source advice from the most successful traders on the platform. So, say goodbye to the solitary feeling that often accompanies online trading and get ready to join a vibrant social network that will help you advance to the next level. What’s more, with eToro, you can engage in copy trading and emulate the actions of top traders.
We also discovered that eToro has Smart Portfolios. These are ready-made, innovative portfolios that are ideal for long-term investors. They are curated by eToro’s team of experts. 65+ Smart Portfolios are available on this investment platform; you just have to pick one and start your journey to success.
Lastly, you can trade or invest on the go with eToro’s intuitive trading app. It works on both Android and iOS devices. The app gives you access to everything the web platform has, including 5000+ assets, Smart Portfolios, and social trading features.
Fees & Commissions for UK Traders
If there’s anything that can eat away at your profit margins, it’s unnecessary costs. Thankfully, eToro fees UK are reasonable and pocket-friendly. We acquired a new account without paying a single cent, which was quite a relief. We also noticed that you can enjoy free deposits by using USD. That said, eToro supports many other currencies, including GBP, EUR, and RMB.
You will incur conversion fees if you use any currency other than USD. And if you use any currency that eToro doesn’t support, you must pay conversion fees to your payment provider. The exact conversion fees you may incur at any moment will depend on various factors, including your preferred currency and payment method.
Please note that eToro subjects each withdrawal request to a £5 fee. The platform uses this money to pay expenses arising from international money transfers. Most importantly, you can’t withdraw less than £30 from the eToro trading platform.
While depositing money into our account, we noticed that eToro has strict minimum deposit requirements. Britons using this platform have to deposit at least £100 the first time. Afterwards, you can fund your account with as little as £10, depending on your preferred payment method.
Commission-wise, eToro is very friendly to people who trade ETFs or invest in real stocks since the broker charges 0% for these assets. On the other hand, if you buy or sell crypto on this platform, expect to pay a 1% fee. CFD trading also attracts variable spreads depending on the involved instruments. For instance, the spreads for currencies and commodities start from 1 pip and 2 pips, respectively.
Not to forget, eToro charges a £10 monthly inactivity fee that kicks in after 12 months of dormancy.
Product Offerings
eToro has 5,000+ product offerings. Finding something that fits your trading goals won’t be a problem with this platform. And the best part is this broker allows you to trade and invest in different assets. Here’s an overview of the products we encounter while evaluating eToro:
- Stocks: eToro supports 4900+ stocks. As an eToro account holder, you can trade or invest in stocks from popular companies like Apple, Alphabet, and Microsoft.
- Cryptocurrencies: Over 100 digital currencies are available on the eToro trading platform. They range from BTC and LTC to ETH and SOL. You can trade CFDs on these currencies or buy the assets and hold them in your eToro crypto wallet.
- ETFs: eToro allows traders and investors to diversify their portfolios with ETFs and CFDs on ETFs. In other words, this platform lets you either buy exchange-traded funds or trade these assets as CFDs without owning the underlying assets.
- Indices: We found a rich selection of top indices on eToro, including USDOLLAR, SPX500, and NSDQ100. You can trade CFDs on such instruments and profit from rising or falling prices.
- Commodities: If you love trading commodity CFDs, eToro won’t disappoint. This platform offers 30+ popular commodities, including Gold, Oil, Palladium, and Corn.
- Currencies: Joining eToro gives you the opportunity to trade CFDs on different currency pairs, from GBP/USD and USD/JPY to GBP/CHF and EUR/CAD. You can also buy and sell FX pairs on this trading platform.
eToro Support Service
Every trader prays for seamless experiences. However, the years have taught us that challenges are a part of a trader’s everyday life. You may wake up one day and discover your trading account has been suspended. What do you do then? You contact customer support.
The best thing about eToro is that this platform has an automated chatbot available 24/7. It’s easy to use and answers common queries promptly. We tried it, and the AI system addressed our concerns without any delays.
If you prefer seeking assistance from an actual human, you can chat with one of eToro’s customer representatives. That is made possible by the broker’s Live Chat option, which is available 24 hours, Monday through Friday. If that option is infeasible, open a ticket in eToro’s Customer Service Center. A technician will contact you within 48 business hours.
Suppose you are an eToro club member. You can seek quick assistance from the broker’s support team through WhatsApp. It’s one of the quickest support channels that this trading platform has.
Finally, eToro has answered many Frequently Asked Questions in the FAQ section of the Help page. Visit it before contacting eToro’s representatives or interacting with the provided chatbot. You may find the answers you seek here and save some time.
How to Sign up For an Account at eToro
We opened an account with eToro, and the process was terrific. It was smooth and seamless, with no perceptible challenges. The only thing we had to do was provide personal information and verification documents. That wasn’t a problem because we know all FCA-regulated brokers have KYC requirements to meet.
You, too, can open an account in no time by following this process:
Step 1: Visit the eToro official page
Step 2: Create your account
Step 3: Verify your account
Step 4: Start trading and investing
Go to the eToro page and look for the “Sign Up” button on the top right corner. If you are a fan of mobile trading, skip this step and download the app from the official site. Then, open it and start the account creation process.
To create an eToro account, you must set a username and a strong password. You must also submit the required details, including your email address, name, and phone number. Please provide accurate information to increase the odds of your account getting approved quickly and avoid termination or suspension issues in the future. Most importantly, read and understand the Cookie Policy, Privacy Policy, and Terms & Conditions.
eToro must verify your details with valid documents. Consequently, this broker will ask you to upload a POI (proof of identity) document like a government-issued ID or a POA (proof of address) document like a credit card statement. Ensure the documents you share are valid and clear. After submitting them, wait for the eToro team to check everything and issue a response.
You can fund your account and invest or trade after getting the green light from eToro’s team. While funding your account, remember that the eToro minimum deposit UK requirement is £100 for new account holders. Also, remember that transactions in any denomination besides USD attract conversion charges.
Conclusion
eToro is an infamous trading and investment platform that we highly recommend. After taking this broker for a test drive, we have no qualms vouching for it. Our experts consider it one of the best today for numerous reasons. First, it’s licensed and regulated by multiple authorities, including the FCA. Plus, it offers unique investment and trading opportunities.
With that in mind, trading is risky, even with an outstanding broker like eToro in the picture. So be cautious, budget wisely, and master the art of risk management.
InvestingGuide Rating:
✔5000+ financial instruments
✔Cost-free deposits
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{etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider.
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